At the same time, the insurance companies paid EUR 313.5 million in claims (0.9% more y-o-y).
About 68.4% of the total gross premiums were written by the local insurers (EUR 364 million, or 3.9% less y-o-y), the rest being written by the branches of EU insurers (EUR 168 million, up by 10.4% y-o-y). Overall, the non-life sector was down by 1.8% y-o-y to EUR 409 million, while the value of life GWP increased by 7.6% to EUR 124 million (or 23.2% of total GWP).
At the same time, Latvian insurance companies posted profits totaling EUR 104.95 million as opposed to a loss in 2015 of 887 thousand.
"The significant rise in profits was mostly due to a non-life insurer selling its subsidiary. With the impact of this deal excluded, aggregate profit of non-life insurers would have been around EUR 5 million", said Agnese LICITE, a FKTK spokeswoman quoted by LETA - Latvian Information Agency.
In 2016, BALCIA Insurance sold the controlling stake in its subsidiary, BTA Baltic Insurance Company to Austrian VIENNA Insurance VIG, and closed the year with pre-tax profit of EUR 98.7 million.
Per segments, profit of non-life insurers last year was EUR 103.1 million (vs. EUR 104 thousand in 2015), and life insurers made profits totaling EUR 1.8 million as opposed to a loss in 2015 of about EUR 1 millon.
At the end of 2016, there were five non-life insurance companies and two life insurance companies operating in Latvia, as well as eight branches of foreign non-life insurance companies and four branches of foreign life insurance companies.
According to LAA figures (Latvian Insurers Association), the life segment was led by SEB dzivibas apdrosinasana (GWP of EUR 36.3 million) followed by two EU branches of ERGO Life and SWEDBANK Life. The largest non-life insurer were BTA Baltic (GWP of 132 million) and BALTA (EUR 75 million).
Access www.xprimm.com and download the FY2016 Latvian insurance market statistics.
Market portfolio according to FKTK:
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking